<PAGE> 1

                                  FORM 10-Q (A)

                        SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                         For Quarter Ended June 30, 2000
                         -------------------------------

                         Commission File Number 0-18261
                            TOWER PROPERTIES COMPANY
                            ------------------------
             (Exact name of registrant as specified in its charter)

         Missouri                                          (43-1529759)
--------------------------                               ------------------
 (State of incorporation)                                (IRS tax number)

Suite 100, 911 Main Street,      Kansas City, Missouri        64105
---------------------------------------------------------------------------
(Address of principal executive offices)                     Zip Code

                                (816) 421-8255
             ----------------------------------------------------
             (Registrant's telephone number, including area code)

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
the filing requirements for the past 90 days.
Yes   X            No
-----------------  ----------------

      Indicate the number of shares outstanding of each of the issuer's
classes of common stock, at the close of the period covered by this report.

                       179,139 shares of common stock
                       ------------------------------
                 $1.00 par value per share, at July 15, 2000

<PAGE> 2

<TABLE>
                                 TOWER PROPERTIES COMPANY
                               CONSOLIDATED BALANCE SHEETS
                           JUNE 30, 2000 AND DECEMBER 31, 1999

<CAPTION>
                                                      (UNAUDITED)
                                                       "RESTATED"
                                                         2000                 1999
                                                     -------------        -------------
<S>                                                   <C>                  <C>
ASSETS
Investment in Commercial Properties:
     Rental Property, Net                             $75,016,055          $76,109,334
     Tenant Leasehold Improvements, Net                 3,220,339            3,871,804
     Equipment and Furniture, Net                       3,856,806            4,068,565
     Construction in Progress                           1,589,451            1,266,623
                                                     -------------        -------------
        Commercial Properties, Net                     83,682,651           85,316,326

 Real Estate Held for Sale                                396,453              396,453

 Cash and Cash Equivalents                                 90,808              145,362
 Investments At Market (Related Party)                  3,345,804            3,809,718
 Receivables                                            2,178,433            2,555,254
 Prepaid Expenses and Other Assets                      1,148,125            1,200,207
                                                     -------------        -------------
           TOTAL ASSETS                               $90,842,274          $93,423,320
                                                     =============        =============

 LIABILITIES AND STOCKHOLDERS' INVESTMENT
 Liabilities:
     Mortgage Notes                                   $46,694,549          $47,567,080
     Real Estate Bond Issue                             6,400,000            6,400,000
     Line of Credit (Related Party)                     3,866,000            5,065,030
     Accounts Payable and Other Liabilities             2,930,999            2,837,461
     Deferred Income Taxes                              2,225,669            2,406,595
     Income Taxes Payable                                 111,545                   --
                                                     -------------        -------------
           Total Liabilities                           62,228,762           64,276,166

 Commitments and Contingencies

 Preferred Stock, No Par Value
   Authorized 60,000 Shares, None Issued                       --                   --

 Stockholders' Investment:
   Common Stock, Par Value $1.00
      Authorized 1,000,000 Shares, Issued
         183,430 Shares                                   183,430              183,430
   Paid-In Capital                                     18,460,986           18,460,693
   Retained Earnings                                    9,102,361            8,760,535
   Other Comprehensive Income                           1,514,183            1,797,170
                                                     -------------        -------------
                                                       29,260,960           29,201,828
    Less Treasury Stock, At Cost (4,291 and
       516 shares in 2000 and 1999, respectively)        (647,448)             (54,674)
                                                     -------------        -------------
     Total Stockholders' Investment                    28,613,512           29,147,154
                                                     -------------        -------------
 TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT       $90,842,274          $93,423,320
                                                     =============        =============

The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>

<PAGE> 3

<TABLE>
                                  TOWER PROPERTIES COMPANY
                             CONSOLIDATED STATEMENTS OF INCOME
                 FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999
                                       (UNAUDITED)
<CAPTION>
                                                          2000
                                                       "Restated"              1999
                                                      ------------         ------------
<S>                                                    <C>                  <C>
REVENUES
  Rent                                                 $9,006,048           $8,905,845
  Rent, Related Party                                     846,063              796,025
  Management and Service Fees                               3,098               15,648
  Management and Services Fees, Related Party             305,368              296,537
  Real Estate Sales                                            --               59,840
  Interest and Other Income                               243,747              193,599
                                                      ------------         ------------
          Total Revenues                               10,404,324           10,267,494
                                                      ------------         ------------

OPERATING EXPENSES
  Operating Expenses                                    1,797,344            1,640,111
  Maintenance and Repairs                               2,315,157            3,118,031
  Depreciation and Amortization                         2,242,536            2,004,747
  Taxes Other than Income                                 826,204              846,027
  General, Administrative and Other                       536,850              561,364
                                                      ------------         ------------
        Total Operating Expenses                        7,718,091            8,170,280

OTHER EXPENSE
  Interest (Including Related Party)                    2,125,862            1,884,733

      Income Before Minority Interest and
       Provision for Income Taxes                         560,371              212,481


  Minority Interest In Income of Subsidiary                    --               (4,470)
                                                      ------------         ------------
      Income Before Provision for Income Taxes            560,371              208,011
                                                      ------------         ------------

PROVISION FOR INCOME TAXES
  Currently Payable                                       218,545               82,875
                                                      ------------         ------------

NET INCOME                                             $  341,826           $  125,136
                                                      ============         ============
Earnings Per Share:
  Basic                                                $     1.87           $     0.69
                                                      ============         ============
  Diluted                                              $     1.87           $     0.69
                                                      ============         ============
Weighted Average Common Shares Outstanding:
  Basic                                                   182,061              182,631
                                                      ============         ============
  Diluted                                                 182,061              182,633
                                                      ============         ============


The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


<PAGE> 4

<TABLE>
                                 TOWER PROPERTIES COMPANY
                  CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                 FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999
                                       (UNAUDITED)
<CAPTION>
                                                           2000
                                                        "Restated"              1999
                                                        ----------            --------
<S>                                                      <C>                  <C>
NET INCOME                                               $341,826             $125,136

Unrealized holding losses on marketable
equity securities arising during the period              (463,914)            (240,996)

Deferred Income tax benefit                               180,926               93,988
                                                        ----------           ----------
Comprehensive income (loss)                              $ 58,839             $(21,872)
                                                        ==========           ==========

The accompanying notes are an integral part of these consolidated financial statements.

</TABLE>

<PAGE> 5


<TABLE>
                               TOWER PROPERTIES COMPANY
                           CONSOLIDATED STATEMENTS OF INCOME
               FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999
                                      (UNAUDITED)
<CAPTION>
                                                          2000
                                                       "RESTATED"              1999
                                                        ----------            --------
<S>                                                    <C>                  <C>
REVENUES
  Rent                                                 $4,528,166           $4,503,272
  Rent, Related Party                                     423,918              409,296
  Management and Service Fees                               2,903              (14,643)
  Management and Service Fees, Related Party              188,458              203,550
  Real Estate Sales                                            --               59,840
  Interest and Other Income                                87,999               97,933
                                                      ------------         ------------
          Total Revenues                                5,231,444            5,259,248
                                                      ------------         ------------
OPERATING EXPENSES
  Operating Expenses                                      859,598              811,381
  Maintenance and Repairs                               1,397,528            1,743,773
  Depreciation and Amortization                         1,119,411            1,001,007
  Taxes Other than Income                                 413,102              423,036
  General, Administrative and Other                       278,901              302,832
                                                      ------------         ------------
        Total Operating Expenses                        4,068,540            4,282,029

OTHER EXPENSE
  Interest (Including Related Party)                    1,046,912              954,379
      Net Income Before Minority Interest and
      Provision for Income Taxes                          115,992               22,840
  Minority Interest In Income of Subsidiary                    --               (1,210)
                                                      ------------         ------------
      Income Before Provision for Income Taxes            115,992               21,630
                                                      ------------         ------------

PROVISION FOR INCOME TAXES
  Currently Payable                                        45,238                8,917
                                                      ------------         ------------
NET INCOME                                             $   70,754           $   12,713
                                                      ============         ============
Earnings Per Share:
  Basic                                                $     0.39           $     0.07
                                                      ============         ============
  Diluted                                              $     0.39           $     0.07
                                                      ============         ============
Weighted Average Common Shares Outstanding:
  Basic                                                   181,287              182,967
                                                      ============         ============
  Diluted                                                 181,287              182,967
                                                      ============         ============

    The accompanying notes are an integral part of these consolidated statements.
</TABLE>


<PAGE> 6

<TABLE>
                              TOWER PROPERTIES COMPANY
                       CONSOLIDATED STATEMENTS OF CASH FLOW
             FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999
                                    (UNAUDITED)
<CAPTION>
                                                          2000
                                                       "RESTATED"              1999
                                                     -------------         ------------
<S>                                                    <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                         $   341,826          $   125,136
   Adjustments to Reconcile Net Income to Net Cash
     Provided by Operating Activities:
       Depreciation                                     1,540,596            1,425,297
       Amortization                                       701,940              579,450
       Gain on Real Estate Sales                               --              (24,951)
       Net Change in Minority Interest                         --                4,470
       Treasury Shares Issued to Directors                  7,536                9,954
     Change in Assets and Liabilities, Net:
       Receivables                                        376,821             (394,265)
       Prepaid Expenses and Other Assets                   19,936               55,094
       Accounts Payable and Other Liabilities              93,538             (899,844)
       Income Taxes Payable                               111,545               25,466
                                                     -------------        -------------
Net Cash Provided by Operating Activities               3,193,738              905,807
                                                     -------------        -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Increase in Construction in Progress                  (322,828)          (2,974,553)
   Proceeds from Sale of Land                                  --               59,870
   Additions to Real Estate Held for Sale, Net                 --                 (655)
   Additions to Equipment & Furniture, Net               (229,355)            (226,171)
   Additions to Rental Income Property, Net                (6,203)             (23,034)
   Additions to Leasehold Improvements, Net               (18,327)            (244,747)
                                                     -------------        -------------
Net Cash Provided by Investing Activities                (576,713)          (3,409,290)
                                                     -------------        -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Principal Payments on Mortgages                       (872,531)            (754,192)
   Proceeds from Long Term Borrowings                          --            7,000,000
   Change in Short Term Borrowings, Net                (1,199,030)          (2,045,000)
   Sale of Treasury Stock                                      --              312,000
   Purchase of Treasury Stock                            (600,017)             (43,864)
                                                     -------------        -------------
Net Cash Provided by (Used in) Financing Activities    (2,671,578)           4,468,944
                                                     -------------        -------------
NET INCREASE (DECREASE) IN CASH                           (54,554)           1,965,461

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD            145,362              147,928
                                                     -------------        -------------
CASH AND CASH EQUIVALENTS, END OF PERIOD              $    90,808          $ 2,113,389
                                                     =============        =============

The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>


<PAGE> 7
                   TOWER PROPERTIES COMPANY AND SUBSIDIARIES
                 FOOTNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)

1.    The consolidated financial statements included herein have been
prepared by Tower Properties Company (the Company) and reflect all
adjustments (consisting only of normal recurring adjustments) which are, in
the opinion of management, necessary for a fair statement of the results for
the interim periods.  Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted, although the
Company believes that the disclosures are adequate to make the information
presented not misleading.  It is suggested that these condensed financial
statements be read in conjunction with the consolidated financial statements
and the notes thereto included in the Company's latest annual report on Form
10-K as of and for the year ended December 31, 1999.

      The Company is primarily engaged in owning, developing, leasing and
managing real property located in Johnson County, Kansas and Clay, Jackson
and St. Louis County, Missouri. Substantially all of the improved real estate
owned by the Company and its subsidiaries consists of office buildings,
apartment complexes, a warehouse and a warehouse/office facility, parking
facilities and land held for future sales.

2.    Rental revenue is recognized on a straight-line basis over the term of
individual leases.

3.    Interest of $23,946 and $67,264 was capitalized during the first six
months of 2000 and 1999, respectively.

4.    Interest paid during the first six months of 2000 and 1999 for
long-term mortgages amounted to $1,855,068 and $1,758,865, respectively.
Interest paid to related party was $175,495 and $74,087 for the first six
months of 2000 and 1999, respectively.  Income taxes paid during the first
six months of 2000 and 1999 amounted to $107,000 and $57,409, respectively.

5.    Certain prior quarter amounts have been reclassified to conform to the
2000 presentation.

6.    Under SFAS No. 115, the investment in Commerce Bancshares, Inc. common
stock is classified as "available for sale", and is recorded at fair value.
The unrealized gain of $2,482,267 net of tax effects of $968,084 is reflected
as a separate component of equity.  There was a decrease in the net
unrealized holding gain for the six months from January 1, 2000 to June 30,
2000, of $282,987, net of deferred taxes, and a decrease in the net
unrealized holding gain of $98,616, net of deferred taxes, for the three
months from April 1, 2000 to June 30, 2000.


<PAGE> 8

7. COMMITMENTS AND CONTINGENCIES:

      Congress passed the Americans With Disabilities Act (the Act) of 1990
which became effective January 26, 1992.  The Act contains provisions for
building owners to provide persons with disabilities with accommodations and
access equal to, or similar to, that available to the general public.
Management cannot estimate the eventual impact of the Act on the financial
condition of the Company since certain provisions of the Act are open to
interpretation.  The Company is implementing the requirements of the Act that
are readily achievable and will not constitute an undue burden on the
Company.  During the first six months of 2000, the Company made modifications
to certain properties at a cost of approximately $9,900.

      Due to governmental regulations regarding asbestos and the uncertainty
surrounding the advantages and disadvantages of asbestos removal, Tower
Properties Company will continue to monitor the status of asbestos in its
commercial office buildings and will take appropriate action when required.

      The cost to remove all asbestos from properties owned by the Company
cannot be determined; however, these removal costs could have a significant
adverse impact on the future operations and liquidity of Tower Properties
Company.

      The Company has outstanding construction commitments of $2,645,000 as
of June 30, 2000 for repairs to the 811 Main garage.  There has been
$375,000 paid through June 30, 2000, which is included in maintenance and
repairs.  The Company also has an extraordinary repair project at Phase II of
the New Mark apartment complex due to sudden termite damage with remaining
estimated expense of $56,000.  $116,000 has been expensed through June 30,
2000 for repair of the termite damage.  The Company has agreed to the
modernization of the elevators at the 811 Main Building for approximately
$729,000 with a remaining obligation of $142,000 as of June 30, 2000.  The
project began in the fourth quarter of 1999 and will be completed in the
third quarter of 2000.

      On Saturday July 22, 2000, the Company incurred fire damage at its
Commerce Tower office building located at 911 Main Street in Kansas City,
Missouri.  Damage was primarily confined to an office suite on the 23rd
floor.  Minor water damage was incurred on the floors above and below.  The
Company is more than adequately insured.  The cause of the fire was tenant
mishandling of smoking devices.  The Company does not expect any significant
financial impact from this event.

8.    The Company has filed this amended Form 10-Q to correct accounting
errors related to an extensive repair project at the 811 Main garage.  In its
previously filed Form 10-Q, expenditures aggregating $374,541 for the six and
three months ended June 30, 2000 were recorded as construction in progress.
However, it was subsequently determined that such amounts should have been
recorded as maintenance and repairs expense.  As a result, the accompanying
financial statements for the six and three months ended June 30, 2000 have
been revised as set forth below:


<PAGE> 9

<TABLE>
<CAPTION>
                                         Six months Ended June 30, 2000
                                         ------------------------------
                                   As Previously Reported       As Adjusted
                                   ----------------------       -----------
<S>                                            <C>               <C>
Maintenance and Repairs Expense                $1,940,616        $2,315,157

Income Before Provision for Income Taxes         $934,912          $560,371

Net Income                                       $570,296          $341,826

Earnings Per Share                                  $3.13             $1.87

Retained Earnings                              $9,330,831        $9,102,361

 <CAPTION>
                                       Three months Ended June 30, 2000
                                       --------------------------------
                                   As Previously Reported       As Adjusted
                                   ----------------------       -----------
<S>                                            <C>               <C>
Maintenance and Repairs Expense                $1,022,987        $1,397,528

Income Before Provision for Income Taxes         $490,533          $115,992

Net Income                                       $299,224           $70,754

Earnings Per Share                                  $1.65             $0.39

Retained Earnings                              $9,330,831        $9,102,361
</TABLE>


<PAGE> 10

9.  BUSINESS SEGMENTS

      The Company groups its operations into three business segments,
commercial office, apartments, and parking.  The Company's business segments
are separate business units that offer different real estate services.  The
accounting policies for each segment are the same as those described in the
summary of significant accounting policies.

      Following is information for each segment as of and for the six months
ended June 30, 2000 and 1999:

<TABLE>
<CAPTION>
                                              -----------------------------------------------------------------------
                                                                           June 30, 2000
                                              -----------------------------------------------------------------------
                                              COMMERCIAL                      PARKING       CORPORATE
                                                OFFICE       APARTMENTS      "RESTATED"     AND OTHER        TOTAL
                                              -----------    -----------     ----------     ----------     ----------
<S>                                           <C>            <C>             <C>            <C>            <C>
REVENUE FROM EXTERNAL CUSTOMERS               $ 5,959,976      3,093,448        733,988        616,912     10,404,324

LAND SALES                                             --             --             --             --             --

INTEREST EXPENSE                                  865,003        799,489        147,388        313,982      2,125,862

DEPRECIATION AND AMORTIZATION                   1,272,720        620,250        181,189        168,377       2,242,53

SEGMENT INCOME (LOSS) BEFORE TAX                  985,101        126,490       (352,757)      (198,463)       560,371

CAPITAL EXPENDITURES BY SEGMENT                    93,557        138,083         11,461         10,784        253,885

IDENTIFIABLE SEGMENT ASSETS                    38,810,844     26,433,037     11,591,738     14,006,655      90,842,27


<CAPTION>
                                              -----------------------------------------------------------------------
                                                                           June 30, 1999
                                              -----------------------------------------------------------------------
                                              COMMERCIAL                                    CORPORATE
                                                OFFICE       APARTMENTS       PARKING       AND OTHER        TOTAL
                                              -----------    -----------     ----------     ----------     ----------
<S>                                           <C>            <C>             <C>            <C>            <C>
REVENUE FROM EXTERNAL CUSTOMERS               $ 6,275,654      2,962,609        810,992        218,239     10,267,494

LAND SALES                                             --             --             --         59,840         59,840

INTEREST EXPENSE                                  844,261        801,226             --        239,245      1,884,733

DEPRECIATION AND AMORTIZATION                   1,208,122        584,610         61,404        150,611      2,004,747

SEGMENT INCOME (LOSS) BEFORE TAX                1,636,060       (564,993)      (368,779)      (489,806)       212,481

CAPITAL EXPENDITURES BY SEGMENT                   338,384        113,617             --         41,951        493,952

IDENTIFIABLE SEGMENT ASSETS                    36,545,842     25,781,951      5,619,859     20,645,504     88,593,156

</TABLE>


<PAGE>11

      Following is information for each segment as of and for the three months
ended June 30, 2000 and 1999:

<TABLE>
<CAPTION>
                                              -----------------------------------------------------------------------
                                                                           June 30, 2000
                                              -----------------------------------------------------------------------
                                              COMMERCIAL                      PARKING       CORPORATE
                                                OFFICE       APARTMENTS      "RESTATED"     AND OTHER        TOTAL
                                              -----------    -----------     ----------     ----------     ----------
<S>                                           <C>            <C>             <C>            <C>            <C>
REVENUE FROM EXTERNAL CUSTOMERS               $ 2,959,313     1,567,148         393,511        311,472      5,231,444

LAND SALES                                             --            --             --              --             --

INTEREST EXPENSE                                  430,568       397,739          72,355        146,251      1,046,912

DEPRECIATION AND AMORTIZATION                     636,360       310,125          88,785         84,141      1,119,411

SEGMENT INCOME (LOSS) BEFORE TAX                  449,219        82,432        (334,126)       (81,533)       115,992

CAPITAL EXPENDITURES BY SEGMENT                    87,786        83,807             448          6,560        178,601

IDENTIFIABLE SEGMENT ASSETS                    38,810,844    26,433,037      11,591,738     14,006,655     90,842,274

<CAPTION>
                                              -----------------------------------------------------------------------
                                                                           June 30, 1999
                                              -----------------------------------------------------------------------
                                              COMMERCIAL                                    CORPORATE
                                                OFFICE       APARTMENTS       PARKING       AND OTHER        TOTAL
                                              -----------    -----------     ----------     ----------     ----------
<S>                                           <C>             <C>            <C>           <C>             <C>
REVENUE FROM EXTERNAL CUSTOMERS               $ 3,402,073      1,494,209       412,032        (49,066)      5,259,248

LAND SALES                                             --             --            --         59,840          59,840

INTEREST EXPENSE                                  488,316        400,911            --         65,151         954,379

DEPRECIATION AND AMORTIZATION                     603,693        292,305        30,702         74,307       1,001,007

SEGMENT INCOME (LOSS) BEFORE TAX                1,010,681       (389,553)     (259,228)      (339,059)         22,840

CAPITAL EXPENDITURES BY SEGMENT                   170,712         71,375            --         20,985         263,072

IDENTIFIABLE SEGMENT ASSETS                    36,545,842     25,781,951     5,619,859     20,645,504      88,593,156
</TABLE>


<PAGE> 12

                    MANAGEMENT'S DISCUSSION AND ANALYSIS
                         OF FINANCIAL CONDITION AND
                            RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES:

      The Company's principal assets consist of real estate holdings which
are not liquid assets.  Real estate holdings include office buildings,
apartment complexes, a warehouse and a warehouse/office facility, parking
facilities and land held for future sale.  The principal source of funds
generated internally is income from operations.  The principal source of
external funds is long-term debt and line of credit with Commerce Bank, N.A.
The Company has not experienced liquidity problems during the six months
ended June 30, 2000.  In April, 1999 the Company secured a $7,000,000
twenty-year mortgage loan on the UMB Bank commercial office building from
Business Men's Assurance at a fixed rate of 6.9%.  The proceeds of this loan
were used to pay off the line of credit and the balance invested in
short-term money market accounts.  In December, 1999, the Company secured a
$1,045,000 eighteen-year mortgage loan for Phase IV of the New Mark
apartments from Ohio National Life Insurance at a fixed rate of 7.78%.  The
proceeds were used to pay for the major repairs at the New Mark apartments
and the construction of the Tower garage.

      Cash and cash equivalents on hand at June 30, 2000 totaled $90,808, a
decrease of $54,554 from December 31, 1999.  The decrease in cash and cash
equivalents is due to changes in the level of capital expenditures and
financing activities in the respective quarters, as well as an increase in
cash flows from operating activities, primarily due to changes in accounts
receivable and current liabilities.  Management believes the Company's
current cash position and the properties' ability to provide operating cash
flow should enable the Company to fund anticipated capital expenditures and
service debt in 2000.

                     SIX MONTHS ENDED JUNE 30, 2000
            COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 1999

RESULTS OF OPERATIONS:

      Total revenue increased $136,830.  The completion of the Tower Garage
and Phase IV New Mark Apartments, an increase in occupancy at the New Mark
Phase III and the Hillsborough apartment complexes and the pass through of an
increase in real estate taxes as additional rent at the UMB Bank commercial
office building offset by the loss of parking revenue due to the 1999
exchange of the 710 Main parking garage for the 700 Baltimore lot, the loss
of revenue due to the structural repairs at the 811 Main garage and the
decrease in occupancy at the Commerce Tower commercial office building
primarily resulted in a $150,241 increase in rental income.

      Management and service fees decreased primarily due to the decrease in
rentable income in preparation of the Commerce Trust commercial office
building renovation.  A


<PAGE> 13

real estate commission earned on the leasing of a non-company owned warehouse
accounts for the increase in interest and other income.

      The decrease in real estate sales is due to the 1999 sale of 7.48 acres
of undeveloped land in the New Mark subdivision.

      The change in operating expenses and general, administrative and other
are a direct result of the completion of the New Mark Phase IV apartments,
the completion of the Tower Garage and the contract management fee of our
parking facilities. Salaries and employee benefits, which are included in
operating expenses, have increased primarily due to the leasing commission
earned on the leasing of the non-company warehouse and the salaries of the
contracted parking management.  Maintenance and repairs increased primarily
due to the 811 Main garage repairs, the completion of the New Mark Phase IV
and the Tower Garage, offset by the 1999 termite repair at New Mark Phase I &
II and the 1999 repairs of the 710 Main parking facility.

      Interest expense, including related party from June 30, 1999 to June
30, 2000, increased due to the following factors:  the mortgage loan on the
UMB Bank commercial office building April, 1999, the mortgage loan on New
Mark Phase IV in December, 1999, the increase in the related party line of
credit and a reduction in the 2nd quarter capitalized interest on
construction of $23,946 as compared to $67,264 in 1999.

                  THREE MONTHS ENDED JUNE 30, 2000
           COMPARED WITH THE THREE MONTHS ENDED JUNE 30, 1999

RESULTS OF OPERATIONS:

      The completion of the Tower Garage and Phase IV New Mark Apartments, an
increase in occupancy at the New Mark Phase III and the Hillsborough
apartment complexes and the pass through of an increase in real estate taxes
as additional rent at the UMB Bank commercial office building offset by the
loss of parking revenue due to the 1999 exchange of the 710 Main parking
garage for the 700 Baltimore lot, the loss of revenue due to the structural
repairs at the 811 Main garage and the decrease in occupancy at the Commerce
Tower commercial office building primarily resulted in a $39,516 increase in
rental income.

      The decrease in real estate sales is due to the 1999 sale of 7.48 acres
of undeveloped land in the New Mark subdivision.

      The change in operating expenses and general, administrative and other
are a direct result of the completion of the New Mark Phase IV apartments,
the completion of the Tower Garage and the contract management fee of our
parking facilities. Salaries and employee benefits, which are included in
operating expenses, have increased primarily due to the leasing commission
earned on the leasing of the non-company warehouse and the salaries of the
contracted parking management.  Maintenance and repairs increased primarily
due to the 811 Main garage repairs, the completion of the New Mark Phase IV
and the Tower garage, offset by the1999 termite repair at New Mark Phase I &
II and the 1999 repairs of the 710 Main parking facility.


<PAGE> 14

      Interest expense, including related party, increased due to the
mortgage loan on New Mark Phase IV in December, 1999 and the increase in the
related party line of credit.

                          MARKET RISK DISCLOSURE

      The Company is exposed to various market risks, including equity
investment prices and interest rates.

      The Company has $3,345,804 of equity securities as of June 30, 2000.
These investments are not hedged and are exposed to the risk of changing
market prices.  The Company classifies these securities as
"available-for-sale" for accounting purposes and marks them to fair value on
the balance sheet at the end of each period.  Management estimates that the
value of its investments will generally move consistently with trends and
movements of the overall stock market excluding any unusual situations.  An
immediate 10% change in the fair value of the Company's equity securities
would have a $204,094 effect on comprehensive income.

      The Company has approximately $10,266,000 of variable rate debt as of
June 30, 2000.  A 100 basis point change in each debt series benchmark would
impact net income on an annual basis by approximately $62,623.

                PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE

      In June 1998, the FASB issued Statement of Financial Accounting
Standards No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (SFAS 133).  This statement establishes accounting and reporting
standards requiring that every derivative instrument, including certain
derivative instruments embedded in other contracts, be recorded in the
balance sheet at its fair value.  SFAS 133, effective January 1, 2001,
requires that changes in the derivative's fair value be recognized currently
in earnings unless specific hedge accounting criteria are met.  The Company
is currently evaluating the impact of adopting SFAS 133, however, it is not
expected to have a material impact on the Company's financial position and
results of operations.


<PAGE> 15

SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

TOWER PROPERTIES COMPANY




/s/ Thomas R. Willard
-------------------------
Thomas R. Willard
President




/s/ Robert C. Harvey, III
-------------------------
Robert C. Harvey, III
Vice President and Chief Financial Officer




Date:  March 28, 2001